Over the years, the aviation industry has been witnessing a steady growth, owing to the increased diversification among airlines, across the globe. Of late, passenger traffic is expanding with resilience across the globe, despite a slight slowdown in the global economy. Large markets, such as the U.S., Europe, and Asia witness increased expenses by the passengers, due to the rising income levels of the expanding middle-class population in these regions.
Air travel in emerging countries is growing, thus increasing the demand for aircraft engine MRO service providers. Many new MRO service centres have been setup in such countries in recent years. This increases the participation of regional companies (tier-II or tier-III suppliers) in the field of aircraft engine MRO. Growing international trade between countries have increased the frequencies of cargo planes. Thus, it is essential to conduct timely checks or repairs of airplane to ensure efficient performance and safe air travel.
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The market is driven by various factors such as increase in air travel in the Asia-Pacific region in countries such as China, India and also in emerging economies such as Brazil, Oman and El Salvador. Also, increased restriction in global flight regulations and the need for proper maintenance of engines & engine components, is driving the growth of the aircraft engines MRO market.
The leading market players in the Global Aircraft MRO Market primarily include Airbus Group, Air France KLM Engineering & Maintenance, Air Works, Delta TechOps, HAECO, Honeywell International, GMF AeroAsia, Lufthansa Technik, Jet Maintenance Solutions, and ST Aerospace.
Global Aircraft Engine MRO Market is primarily dominated by five companies, namely, GE Aviation, Rolls-Royce, Pratt & Whitney, Lufthansa Technik, and Safran Aircraft Engines.
Outsourcing of aircraft engine MRO to third-party companies, is one of the trending opportunities for airlines to reduce their engine repair and overhaul expenses, with more than 10-20% of saving. For example, in 2013, 65% of aircraft MRO was outsourced by airlines, across the globe. As a result, there has been an increased adoption of MRO outsourcing, of late, due to the growing awareness of its benefits, such as low labor rates and the availability of adequate spare parts.
For the convenience of the report and enhanced understanding; The Aircraft MRO Market is segmented in to 4 key dynamics
Segmentation by MRO Type: Engine, Component, Line Maintenance, Airframe, and Modifications.
Segmentation by Aircraft type: Narrow-body, Wide-body, and Others.
Segmentation by Application: Commercial Air Transport, Business and General Aviation, and Military Aviation
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC, Latin America, and Middle East & Africa.
In 2016, North America was the leading region for the global aircraft engine MRO market. A number of the major aircraft manufacturers (such as Boeing) and engine MRO services providers are present in the region, gaining the region a high market share. Moreover, it is expected that approximately 10,000 aircraft would be in service in the region by 2035, which would create an opportunity for the major and prominent companies of the region.
Asia, an emerging region in the long-haul international market, relies heavily on the small and medium widebody aircraft. As a result, several such airlines have been entering service in the recent years such as Indigo, Tigerair Singapore, Tigerair Australia, and Air Asia. In 2016, Asia-Pacific was the second largest region for the global aircraft engine MRO market, and it is projected to witness the highest growth rate, during the forecast period.
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